NMS Investment Research

Tesla stock made a failed breakout after Elon Musk delayed his 8/8 Tesla robotaxi event to October 10 and Tesla's financial results for Q2 2024 were disappointing. Investors were disappointed that Tesla did not disclose their Full Self-Driving (FSD) take rate. In mid-May, Elon Musk debunked claims that the take rate for FSD was just a mere 2% after the free subscription ran out , per Teslarati. All eyes are now on the re-scheduled 10/10 Tesla robotaxi event. The stock is retesting its 50-/600-day EMA. The next support level is $207.25 , or the 50% correction level. This note contained herein is our opinion and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

Tesla stock pulled back to retest the July 3 breakout after Elon Musk confirmed that the 8/8 Tesla robotaxi event was delayed due to a design change. All eyes are now focused on Tesla's financial results for Q2 2024 to be released after the market close on July 23. Investors may need to be prepare d for the stock to make a big move, up or down, next week. Tesla EV sales in the U . S . ha ve stalled in Q2, declin ing 6.3% Y-O-Y, while total EV sales in the U.S. climbed 7.3%, per Kelly Blue Book. The stock might not get hit if Tesla bulls can redirect investor's attention from EV sales to the company 's fast growing energy storage business. This note contained herein is our opinion and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

Tesla stock may be about to break out of the symmetrical triangle chart pattern while its RSI is approaching euphoria, 90+. All eyes are now focused on the unveiling of their robotaxis on August 8, despite that the company will post its financial results for Q2 2024 after the market close on July 23. Tesla bulls may have already disregarded the upcoming Q2 results and could push ahead with the stock retesting the $313.56 level, or a $1 trillion market cap, ahead of the August 8 event. This note contained herein is our opinion and should not be construed as a recommendation to buy or sell. Click here to view the latest update!